Taxes Archives - WXC Corporation

Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS…

News, Taxes

Tens of Millions of Taxpayers May Be Eligible for Significant Tax Refunds

Tens of millions of taxpayers may be entitled to refunds or abatements of penalties and interest that the IRS assessed during the nearly 3.5-year COVID-19 federal disaster period. However, this relief will not happen automatically. To protect…

Form, Taxes

Interest Income Tax Rate: The Kiddie Tax on Children’s Interest Income

If your child earns interest from a custodial account or savings bonds, the tax treatment depends on the amount. Under the most recently published IRS figures, a child’s first $1,350 of unearned income (interest, dividends, and capital gains…

Accounting & Bookkeeping, Taxes

Eligible taxpayers may be able to resolve tax debt through an offer in compromise

There are options available to taxpayers if they can’t pay their tax debt in full or if doing so would cause financial hardship. One of them is called an offer in compromise. Factors such as income, expenses, asset equity and ability to pay…

Individual, Taxes

Treasury Department to deposit $1,000 into the account of each eligible child

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding guidance regarding the contribution pilot program for Trump Accounts, which are a new type of traditional individual retirement…

Company, Taxes

Guidance on a new method for recovering federal excise tax paid on dyed fuel

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued temporary regulations and the accompanying notice of proposed rulemaking on a new method for recovering federal excise tax paid on dyed fuel established…

Individual, Taxes

About you Tax Returns: Schedule 1-A, Additional Deductions, what to know about the new form

IRS Schedule 1-A, Additional Deductions PDF was created to calculate and claim four new tax deductions enacted under the One, Big, Beautiful Bill. This schedule consolidates the new tax deductions in one place so taxpayers can determine their…

Form, Taxes

If you need more time to file, request an extension

WASHINGTON — As the end of filing season approaches, the Internal Revenue Service reminds taxpayers they can get an extension to file their federal income tax return until Oct. 15, 2026, but they must request the extension by April 15, 2026,…